Morocco Gets $519 Million World Bank Loan for Solar Power Project [Reuters]

Updated October 2, 2014 09:30 AM EDT

Morocco Gets $519 Million World Bank Loan for Solar Power Project [Reuters]

Morocco has taken another step in its effort to acquire 42% of its electricity from renewable sources by 2020:

Morocco has secured a $519 million loan from the World Bank to partly finance two solar power plants with a combined capacity of up to 350 megawatts (MW), the second phase of the 500 MW Ouarzazate project, the bank said in a statement on Wednesday.

Results of tenders for construction of the two plants near the southern city of Ouarzazate, one of at least 200 MW and the other of at least 100 MW, are expected in the next few days, sources close to the deal said.

Moroccan Solar Energy Agency Masen said consortiums led by Spain’s Abengoa , GDF’s International Power and ACWA Power of Saudi Arabia had been pre-selected for the 200 MW (Noor II) tender…[Full Story]